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protect the citizens. no decision on the new york city marathon yet. >> see you the same time tomorrow. "closing bell" is next. hi, everybody, welcome to "the closing bell." i'm maria bartiromo at the new york stock exchange. what a couple of days it's been after being shut down by hurricane sandy, wall street winding down the historic afternoon for the stock market, back in business the market down slightly. the fact that we are open today after this recent disaster is viewed as a very important step for this recovery. >> it's an amazing achievement just to get that opening bell this morning. i'm bill griffith. you can see the dow is down modestly and for the most part it has been for the most part smooth sailing in terms of trading at the big board. we'll talk to a host of top market watchers, get their take how the exchanges are doing on the heels of hurricane sandy. >> of course it's all about the
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recovery. i'll talk with nasdaq's ceo bob griefeld on how his day is going. stay tuned for that as well as any lot of other interviews coming up. we go to the front lines to get a full picture of what it's like getting back on track. >> doing a channel track, traders covering everything from equities and oil to fixed income. scott bauer of trading advantage from the chicago mercantile exchange, steven guilfoil, john wood of j.j. w and associates from the nymex a few blocks away in lower man hat the tan and steven rosen from stock gen joins us from manhattan and bob pisani as well. steven guilfoil what an achievement to get things going, uphill battle. >> most of us have problems in our own neighborhoods, had to
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commute in, most of us had to drive in, maybe walk a great distance, but i'd say 80% to 90% of us are here and surprisingly the liquidity is here. the volume is about where it's supposed to be. >> john, what about the nymex one of the areas in the eye of the storm. what has it been like in terms of getting business back on track? >> we have problems with phones today and it was just the floor was probably about half full. it was just really a logistic nightmare just getting here. i live down in the jersey shore so just getting up here was quite a chore. you get back to the customers and towards the latter part of the trading day you saw a pickup a little bit. >> we want to get to breaking news, stand by, everybody, tyler ma mathison at the news desk. >> for people who travel into and out of new york city mayor bloomberg putting into effect a carpool rule beginning at 6:00 a.m. tomorrow morning, working
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in concert with the governor. you have to have three or more people in your private vehicle to be able to come into manhattan using any of the east river crossings that are open, that would be the manhattan bridge, the brooklyn bridge and the greensboro bridge and same triboro connecting queends, manhattan and the hudson. so beginning tomorrow morning and continuing thursday and friday, 6:00 a.m. to midnight you have to have three people in your vehicle or you can't come in. notable exception here appears to be the george washington bridge, which is of course the biggest of the bridges connecting new jersey and new york and points to the north and east. that one appears to be exempt for now, at least he didn't mention it. he also said that the east river subway tunnels will not be open for use any time before the
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weekend at the earliest, so that way to get into town not happening just now. that's it. >> we have a shot of that, that east river tunnel. i just passed it and took a picture of it. we're going to bring that picture up later on. because it's totally flooded and i want to show you the shot that i took just a few minutes ago. >> what about traders like here or any traders at the new york stock exchange, the nymex or anywhere else who have to carpool getting in here, as long as they're coming across the george washington bridge they're okay if they don't have three people? >> seems the exception the mayor provided for. none of us heard him say anything about the george washington bridge. the other thing i should point out is that if you are traveling as many people do before 6:00 a.m. apparently this hov or carpool rule does not apply. it takes effect at 6:00 a.m.
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until midnight. apparently exempt as well are certain commercial vehicles and taxis from 4:00 p.m. to midnight, which is when a lot of the taxis change shift and some would be sort of dead heading it coming into the city without passengers. >> this will be fun to enforce. >> it's going to be tough. steven rowsing what does that mean for colleagues coming into new york this carpool making it that much tougher? >> it's going to be difficult. it's already really hard for a lot of us. we have a lot of people from staten island, long island, brooklyn. it's very difficult. we booked a lot of hotel rooms in advance because we knew it would be trouble. i think it's just going to add to less volume, less liquidity. i think it's going to take multiple days to recover. it already would have. this obviously puts more restrictions in place. >> you said scott bauer is gone? >> no, i'm here. >> scott bauer, do you feel left out of all this? >> no, i'm kind of glad we're here and i feel so horrendous
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for the people out east. everybody in new york, to get these markets open, to get things running, it's business as usual today, you guys did an incredible, incredible job. >> and what has it meant for you in chicago in terms of liquidity, in terms of so many people out as a result of the storm, what have you seen from an investment standpoint? >> you know what? across the board today it's almost business as usual. there was so much hype even before sandy about the end of the month and october 31st being the day that fund managers want to close out position and quite frankly, going into midday today, volume was actually fairly light. now we are seeing volatility pick up a little bit and part of that reason may be because we're starting to see the triple qs trend below the 200-day moving average. that could be a signal going in later in the week we may see a sign of increasing volatility. as far as volume concerns across the board option wise and oil markets and s&p markets there
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has been no disruption whatsoever. >> bob pisani what do you make of the tone of the market? we were speculating last night what it would be like on this last trading day of the month and of the fiscal year for many mutual funds. what have you made of today's trading? >> the nyse got what they wanted, a nice quiet open, got it, no real controversy. few small connectivity issues but nothing to change the attitude. the most important thing is half of wall street is simply not in, at least half. lot of phones are dead, a lot of phones aren't even answering, those people aren't in, some people trying to deal with cell phone issues and the volume is going to be light for the next couple days, i agree with that assessment. we'll wait for the market on close orders should be a little bit heavier than normal because we're dealing with the end of the month but overall believe me the nyse and most exchanges are quite happy to see it this way. >> all right guys, thank you, good luck. we'll let you arrange for your carpools for the next few days, i wonder how long that's going
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to last. thanks for being with us. all right, it has been, we're going to try to give you a sense of how surreal it has been, over the next couple of hours on "closing bell." as for the trading the market with about 50 minutes left. >> we'll talk on the other side of the break about resuming trade after one of the worst storms to strike the northeast ever. >> if you lived in sandy's path you may notice gas station lines growing longer. brian shactman has that story. >> reporter: it's incredible, depending on people's age you can see down the road the sight might be akin to the gas crisis in the '70s, people coming from three towns over, maria, just to fill up their tanks. we'll have details on the latest coming up next. >> we also want to know if they're taking advantage of folks with the pricing. there's some looting going on as well. up next we have allstate's ceo
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coming up, a lot more on the post sandy edition of "the closing bell." coming up, back to business. an historic reopening of wall street and we have all the angles covered from every exchange. who won, who lost and what companies rose above a very shaky october for the markets? plus taking stock. despite sandy's path of destruction, there are lots of big earnings. we catch you up on reporting results. we bring you the latest numbers and analysis from our market experts. and is sandy a case for big government? why some are using the superstorm to say big government really is better. we separate the fact from fiction of that argument. that's all ahead on this special edition of "the closing bell." customer erin swenson bought from us online today.
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all right, getting back to breaking news on netflix, herb greenberg is on the story. >> netflix shares up about 17% right now, they've been flying
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and just the recent 10, 15, 20 minutes news hit carl icon taken a 9.9% stake in the company. icahn has been buying the shares since early september and he's identified netflix because he believes it's undervalued in its dominant position and international growth prospects and it may hold significant strategic value for significantly larger companies engaging in more direct competition with one another due to the evolution of the internet and mobile. he says he's considering ways the company could maximize shareholder value, reached no conclusions on this and he also says he may in the future seek to have conversations with the company. maria, back to you. >> thank you so much. i'm standing outside the new york stock exchange right now and it feels like aside from a lot of cars sort of stacked up here, business as usual. right down the block, though,
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the water is being siphoned from the subway onto the street. i sent some pictures in and we'll show you those pictures later, i took the pictures of the water coming out of the subway and onto the street. outside of the exchange it's clear. we're joined by bob greifeld, joining me right now, ceo of nasdaq omx group. good to have you on the program. thanks for spending the time. >> good to see you again maria. >> are you pleased at how business opened at nasdaq? can you walk us through the steps taken and how normal it is right now? >> i would say it's relatively normal. we're pleased to be back in business today, happy to have a proper forum for investors to buy and sell shares and make the proper decisions for themselves. one is we certainly have been
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through an interesting period of time and when you think about this historically it's really back in 1992, after the first attack on the world trade center that we focused, started our focus on continuity planning and certainly the events in the last week have led us to this situation where we can be back in running quite effectively in a short period of time. >> so there wasn't a connectivity issue in terms of other firms needing to connect with nasdaq? was that all seamless today? >> well i think it was primarily seamless but there's always issues, but the key point is the markets are running, the markets are running successfully and we're happy to be back in business. >> was there any damage to the system? >> no, we didn't have any damage. our data centers are geographically diverse. we have one in the metropolitan area, one outside the metropolitan area, as we got into this continuity planning we recognize you have to have multiple centers and they have to be in different power grids, different parts of the country so you can operate no matter what happens. >> so even though you've got
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these contingency plans and systems outside of the areas that are affected, trading was stopped for two straight days. was that the right call? could we have opened and traded in these remote areas? or was it the right call to not have trading? >> well, i think it's important to recognize that the entire ecosystem has to work. so we were able to trade but the entire community has to be able to trade. the important thing is to look at your continuity planning to make sure that you have your people's assets geographically diverse. we started moving people wednesday of last week to different parts of the country so we could truly operate the markets. we're happy to be back in business today and it's a good day. >> what kind of contingency plan was in place prior to the hurricane and do you change that going forward, lessons learned in terms of the next, you know, curveball thrown at us, will we be able to trade and have these markets open or do you just shut down again? >> well we certainly want to
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avoid shutting down and continuity planning is exactly that. you want to be able to handle the unforeseen, whether it's an earthquake, a tornado, a terrorist attack, a hurricane, you have to be able to keep trading. so it's important to make sure, one, your physical assets such as your computer systems are in different parts of the world, are redundant and able to withstand anything that might happen to one particular area. the second is you have to make sure that your people are in place. you can never send your people into danger, so continuity planning is making sure that your people are able to go to remote locations so you can continue your business as you normally would in spite of what has transpired. >> can you characterize the financial loss, the revenue left on the table, because of the shutdown for the two days? what are you expecting? >> no, we haven't thought about that, but the important thing is that people obviously when they buy or sell in the markets have the fundamental premis that they're able to exit their
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entrance at their will. to the extent we're shut or two days or four days is breaking our promise to investors so it's our job to make sure the markets are available for all very fast at all times. >> from an investor standpoint can you categorically say the worst is behind us at this point or do you think because of the cleanup that is in front of us we're still, there are still a lot of unknowns? >> well, there's always unknowns but i would say this, we're in operation today, we're working successfully. we're seeing something that's approaching normal volume. i think it's a compliment to the industry, certainly to all the market participants who worked very hard to be ready and as i said we're happy to be with here. >> bob thank you for joining us. we appreciate it. >> thank you. >> bob greifeld ceo of nas dox omx. gas futures have been in the spotlight on the heels of hurricane sandy.
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bertha coombs is at the nymex with the latest. >> yeah, bill, we saw a volatile day for the november contracts which went off the books today. early in the day a huge squeeze a lot of shorts covering their positions as the market was looking at the situation with a lot of refineries being down in the northeast, where we have supplies at a four-year low. take a look at the bayway refinery, phillips 66, large refinery in lyndon, new jersey. the water has receded. the company has power but at this point they have no time line on when they are going to restart. some traders said there were signs of flaring, that flaring is according to a company spokesman from natural gas having been shut down and they did report that. we also have the colonial pipeline which also comes in there to linden, new jersey, still down, they hope to regain power on friday and perhaps starting things there, but at the moment gasoline supplies are
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likely to be very tight in the northeast particularly in the new york area, not to mention a number of terminals where it's delivered that aren't able to get gasoline. we haven't gotten a lot of gas stations reopening yet. take a look at the futures, december will start tomorrow. not as big of a gain and if you look out toward the later months in january and february, they were actually down on the day, a lot of traders believe this is something that is going to be a near-term problem. back to you, bill. >> we'll get to that in a moment, bertha, thank you very much. disaster strikes, it did not take long for looters to raid flood-hit stores into coney island and others. police arrested more than a dozen people. one cab driver said some thieves posed as con-ed utility workers before holding people out. the word out there is be careful and be safe. gasoline as bertha pointed
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out proven to be a precious commodity in the wake of sandy. many are having a hard time filling their tanks in the northeast. we've got gas cans for generators that are also part of the demand for gasoline right now. brian shactman is live at a gas station in new hyde park, where he has a lot of company there. brian? >> reporter: bill, bertha talked about the tight supply and this is an area where demand is high, about 75% plus of long island is still without power and people have generators, now need to refill and refuel to keep them going and people also need fuel in their cars. lot of people are trying to find places to eat and do other things, anything to stay out of the house, it's getting colder and there's no hot water. it's one of those dynamics where 75% don't have power and they need it and there's little, if any, coming in, and it's one of them many issues, because a lot of people are dealing with a lot of problems right now.
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>> -- for a long time and then they said they had no more gas. >> it's patience. you have to be patient. there's no gas stations anywhere. >> down to half a tank and figured i better get it. >> 12 miles i got left so this is my last stop. >> got online and waited and lucky enough to get some gas but this may be it for a while. >> so this shell station actually received a 7,000 gallon supply just about two hours ago but across the street they started the day with about 3,000 gallons, i just got their printout before i went on air, they're down to 233 gallons and at 150 they shut off so they'll be out of fuel. we've talked to people who have come from three, four, five towns over to get gas and now there's only one station that has any at all. they can last straight through the night midday tomorrow. >> if they don't get power back or more gasoline this will be another part of the aftermath we hadn't thought about after the storm. have you heard anything about price gouging or anything
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situations like the looting we're hearing about on coney island? >> reporter: everybody has been asking that question, bill. you know, i've been on long island a couple of days. i have frankly been surprised there hadn't been looting earlier. i was impressed with the way people were treating each other. here they have not raised prices with the delivery. across the street frank said he won't raise his price until he gets his next delivery because that will be at a higher price. what he had on site he's keeping firm with his prices but when he has to pay more, he will pass that along, so i have not heard direct stories of any gouging yet. >> i don't know if it's an urban legend but i heard a story some gas station attend ants when they collected the money were charging customers more than what was showing on the pump, adding a little more there. >> reporter: it's interesting, bill, i'm skeptical of cash businesses in general these days, right, and they basically said anything under $50 here has to be cash, so i have no idea
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who keeps what and what goes into the register and i'm not making accusations but clearly there could be skimming from that perspective but in terms of listed price i have seen no gouging. >> thanks, brian, good job as always. we'll head toward the close b 35 minutes left in the trading session. we have to turn around, not all the boards are working today. the dow coming back, down 31 points when last we checked, it's unchanged and heading higher. now you heard nasdaq's bob greifeld talking about the recovery. who did better, and which stock is a better buy? we'll get that trade in the charts coming up next and later, all systems normal? we'll find out, maria talks with the head of direct edge, which handles 10% of u.s. stock volumes that will be coming up next hour of "closing bell." stick around.
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welcome back. the major exchanges open for trading today but will their storm related closures affect the performance of their shares? they're both publicly traded companies. we'll talk numbers today on that, on the technical side carter worth, chief market technician at oppenheimer and steve cortez with veracruz in chicago. steve, can you quantify how much money was lost due to the closure the last couple of exchanges, days of trading. we're talking about nyse, the
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new york stock exchange and nasdaq omx. >> bill i don't think anybody's ready to quantify that in a precise way. we're talking about which one of these stocks is better, which perform better now and which is the better one to own. when you ask me that question, it's like a question of would i rather get punched or kicked. neither. if you have to buy an exchange i think the cme is a better play than these two. i think the nasdaq is the better play t outperformed so far this year, i think it's due to innovative things such as its partnership with amazon in terms of web, cloud hosting and on the other side of that coin the nyx is extremely challenged particularly in terms of its pricing power. volume is down cross exchanges but they are seeing a particular problem in their pricing structure. >> let's see what the charts have to say.
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carter? >> i concur. there's no question which has been the better performer. the two charts the nyx and imagine being unchanged the last four or five months, the market a major low in june and this stock has been unable to participate in anything and the down trend it's well defined so this is a problem. by contradiction, take a look at the other. >> the nasdaq omx. >> and what is interesting here is how well it's held these bottoms three times and then also it is up quite nicely, up 15% off the low so participating with the general market strength since june which is what we were hearing about, it's outperforming. i would favor this one over the other. >> one of the few times the fundamentals and technicals concur. nasdaq over nyse, thanks, guys. good to see you both here. maria with the dow up 11 points, starting to move a little higher. >> bill i'm outside the new york
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stock exchange, going to be speaking momentarily with bill rudin, he's in charge of the recovery effort down here and after that i'll talk to the ceo of allstate find out what insurance will cover on this mess. we'll be back on requesting closing bell." we'll give you an outside lay of the land. stay with us. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local currencies. tdd#: 1-800-345-2550 i use their global research to get an edge. tdd#: 1-800-345-2550 their equity ratings show me how schwab tdd#: 1-800-345-2550 rates specific foreign stocks tdd#: 1-800-345-2550 based on things like fundamentals, momentum and risk.
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welcome back. i'm coming to you from outside the new york stock exchange on broad street and wall street. it's all systems go inside the exchange, of course, trading resuming today after the two-day shutdown and i'm joined right now by bill rudin, chairman of a better new york and our own scott cohn who of course has been on the third straight day
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in lower manhattan, scott, thanks for being here and bill, as part of the leadership of this recovery in downtown new york, bill, thanks very much for making your way down here for us. >> i'm honor to be here thank you. you gave me a promotion. i'm not in charge of the recovery but we're in the business community helping with the city and the state to make sure that the recovery happens as quickly and as efficiently as possible. >> and your company is one of the largest developers in new york. tell me how long this kind of recovery is going to take. i want to show our viewers a picture i took on my way to the exchange about an hour ago i took this from my iphone, the tunnel leading up to the battery tunnel and it is flooded. i got out of the car and took this shot and this is only a few blocks down the block from where we're standing right now. >> obviously this was a major storm, and had huge implications not just in new york city but all across the eastern seaboard and we're working with the city and the state and the federal
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government first of all, kudos to the first responders. they did an incredible job and also to all the employees that were working in these buildings 24/7 for the last few days in particular people working in my building, we almost lost two people with the floods coming in so we're very, very lucky. the effort's ongoing. we're working with con-ed and the city and one of the other priorities is to help relocate some of the companies that have not had the ability to go back in their buildings a little bit. we're assessing our buildings. we sustained storm damage in some of them, not structural but electrical, other buildings are perfectly fine and we're just waiting for con ed to turn on the power as soon as the city lifts the no fly zone, so to speak downtown we'll be able to get them back in but it's going to take some buildings a lot. lot of buildings downtown took significant damage. >> that's an important point that you're helping some companies relocate even if it's a temporary spot.
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scott cohn, we know 6 million people are still without power. yesterday it was 8 million so what can you tell us in terms of this recovery right now? >> well it's been amazing to watch it get to this point over the last three days. we were at the battery as the storm surge came in and literally had to get out of there with moments to spare before we suffered a bad fate and to see wall street and this area almost like a normal day is pretty amazing considering that. but then you just looked below the surface, and you know first of all there's no power around here for most of these buildings, the fact that people got down here is amazing. the fact this exchange got open as far as the trading floor goes is amazing but you also know there's so much more that has to be done in order to make this the financial district that is normally is. >> the good news is the governor announced today that the mta will start limited subway service tomorrow and actually long island railroad and metro north was starting service at 2:00 today on a limited basis so
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that's positive news but again what you're talking about shows the resiliency of our city downtown. maria you remember 20 years ago there were 30 million feet of vacant space downtown, 30%. we reimagined lower manhattan, came back better and stronger and we have to do that again, make sure we have a more robust infrastructure so 100 years from now this type of storm won't have an impact like this. >> there are a number of companies you need to find a place for, temporary relocation. what are the natures of those business, trading firms, what are you talking about? >> it's, again shows the diversification, insurance, technology companies, it's medical companies, it's a whole gamut of companies that are down here, and everybody's being very resourceful, working from home, finding other spaces. we're helping them find space, talking to our tenants on an hourly basis literally trying to work with them, work with other companies who may have excess
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space in our buildings. we have vacant space ourselves and working with other industry trade groups like the real estate board and the alliance for downtown and my association and the partnership to help lend a hand to companies that really need a temporary space until they can move back in. >> getting back to business, is it going to be weeks, several weeks, months, what do you think? what does your gut tell you? >> depends on the buildings. we have one building as soon as they turn the power on at one batt we'll open that up. other buildings down here could take a few more weeks, depends. we're assessing it right now, pumping out the water out. it's hard to give you an estimate. >> extensive cleanup. any thoughts? >> we'll work with our insurance partners and make sure we get the appropriate reimbursement. you've got hopefully the city and state working to help also small businesses, that's really important. >> we'll leave it there.
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thank you very much. scott cohn, we're continuing to watch your great work. scott cohn, bill rudin. we'll send it back to bill inside the nyse and then talk to the ceo of allstate. about 20 minutes left until the close and they're trying to rally the market, dow up 5 points, they'll take it at this point and facing another downswing, facebook shares losing ground as employees both past and present are now free to sell more than 240 million shares of the social networking company's stock and as it turns out, more than a few are today. we'll have that story coming up. after the bell, maria's exclusive with allstate's ceo tom wilson as the eastern third of the united states tries to recover from one of the most destructive storms on record. will they pay the claims without a hassle? we'll find out, coming up. [ male announcer ] at scottrade,
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yes, it is. go national. go like a pro. all right, more on the new traffic restrictions announced for new york city and a few other things up in the air right now, ty? >> that is right. for people who commute into manhattan by automobile as many are these days because so much of the public transportation, the train system is not up and
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running just yet, new restrictions beginning tomorrow at 6:00 a.m. and continuing thursday and friday 6:00 a.m. to midnight. if you come in to new york via one of the east river crossings, those are the bridges you see there, brooklyn, manhattan, queensboro, 59th street bridge or williamsburg bridge you have to have three people or more in a car. the same restrictions apply to a couple of west side and northern aprongs, the lincoln tunnel, the henry hudson bridge, used a lot from people coming from westchester county and the triboro or rfk bridge which links queens and the bronx, manhattan. so three or more people during those hours. two other things the marathon will go on sunday as scheduled but the knicks/nets game not played tomorrow night, the opener of the barclays center over a major transit hub, that
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will be rescheduled. >> for the travel restrictions i'll drive tomorrow, you drive on friday. >> that sounds good. you got it. i'll pick you up and then you pick me up. >> 6:00. the lockup period on over 200 million shares of facebook expired monday. today is the first day the shares can be traded. julia boorstin is live in los angeles with what happened. julia? >> that's right, bill. it's a big day for facebook employees, the first time they've been able to sell their shares, the lockup expired on 229 million shares of facebook stock, sending facebook more than 5% lower earlier today on the flood of shares with greater than average volume, though the shares have pulled back and recovered a little bit. now down about 3.5%. now one reason the stock hasn't dropp dropped, on growing mobile revenue giving the stock its biggest one-day boost last wednesday. the biggest lockup expiration in
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two weeks, 777 million shares will be available to sell. we have to watch and see what happens. back over to you. >> julia, thank you very much. as we start to close out the first trading day post hurricane sandy the month of october is being put in to the stocks relatively flat. the impact of sandy could have a far reaching impact. >> steve liesman back at headquarters following that part of the story. gentlemen, good to see you. steve if you don't live in the northeast how does the storm impact you? >> there are many ways that happens, maria. air travel is one way but i think ultimately it's going to have an effect on the nation. they're just trying to figure that out right now. some of the estimates between $30 billion and $50 billion in total losses, some that comes from lost business economic activity, other parts of it come from the total property losses that are out there. i will tell you, maria, some of
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the estimates i'm using were done earlier yesterday, kind of backing the nfl to the extent the damage has become known. i think the estimates are going to go up and i think another big issue to think about is the uninsured losses, those that are for example caused by storm surge which either the government has to pick up or have to pay out of their own pockets. >> mike, it's been a difficult month especially on the earnings front, the third quarter numbers keep coming out. what is next for you and the corporation and the broader economy, do you think in. >> i think it could have been worse market wise based on how much bad corporate news we had to absorb from the big companies. i feel like we have to see the domestic numbers coming in on the consumer and housing side have to continue to reassure the market that we're in a firmer place right now in terms of domestic and economic growth. at the same time everyone's watching china, they're going to accelerate the economy over there. for the multinationals that's
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the next key, china pmi coming out late today. >> rick you look at the data from jobs and housing. what is the impact on some of the reports in particular the jobs number coming out friday? >> i think whether it's the adp number tomorrow which there's been a flurry of activity regarding discussions about how the new methodology, if you look at the 2012 numbers under the old methodology versus new oa methodology, 365,000 less with the new methodology. it just makes things a bit confusing, and for friday's number, obviously with what's going on in your part of the country, there's going to be all types of questions as steve just pointed out as to how economic activity present and future will be altered, so it just makes data a bit confusing at a time we need clarity. >> i want to be clear i don't believe the numbers will be affected by the hurricane
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because they came after the survey period. >> no, not these, future numbers. yes. >> the numbers that are recorded on friday. >> thanks, guys. good to see you. >> talk to you later. >> heading toward the close, we've lost the altitude here, the dow now virtually unchanged, after about a ten-point gain a moment ago. >> bill and i will give you a take on this historic day on wall street, the longest weather related closure since 1888. and hundreds of thousands are reaching out to insurance companies for help. maria speaks with the head of allstate, another cnbc exclusive you will not want to miss, coming up. ♪
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a little less than ten minutes left on what has been an historic -- you've seen them here at the new york stock exchange, this speaks to the human element of the trading that is not only here at the new york stock exchange but really around the xwloglobe, the hercu
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task of getting the market up and running. >> reminded mef september 11th, this is nothing like september 11th obviously. >> right. >> when you go outside it is an eerie feeling because the streets are empty, the first responders are amazing. you know what i'm upset about is the looters. friend of mine lives on the ocean in rockaway and her house was completely destroyed and all of a sudden right after the water comes in, people come and started stealing people's televisions and stealing anything you can so this kind of event can sort of spiral out of control into something really awful. >> but then you couple that with what has gone here in the financial district and all the cleanup that continues at this hour, the number of hours that people have been working around the clock in the last 72 hours to try to make sure we could get back up to trading today. you and i, we walked on the floor today talking to traders, they are exhausted, just to get back here again, if they didn't spend the night they had to find
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a way to get back into the city today because this mass transit was down today, and will be through the rest of the week. now they've got these traffic restrictions imposed on them so they have to carpool again anyway for the next few days, just to get back here so that the markets can trade and symbolically, if nothing else, that's important, to tell the world that we are getting back to normal again. >> it is definitely is. lot of the security guards were here all night for two days and telling me never ever did water impact this building. couple blocks away they were knee deep, higher, the closer you go to the water the higher the water was. it was scary. >> i walked down broad street and i could see where just a couple blocks away the water was waist deep. could you see the line on the buildings down there. >> and the picture i sent the battery tunnel unbelievable. >> under water. >> which is why mayor bloomberg is coming up with the car restrictions. >> we can understand. we'll get bag and have our closing count dodown for the da.
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and after that the ceo of allstate will talk with me an interview only on this network, how sandy could impact the bottom line and who is going to pay for the damage to folks' homes, we'll find out when he will start writing those checks. you're watching "closing bell" first in business worldwide. things have been a little strange. (sfx: sound of piano smashing) roadrunner: meep meep. meep meep? (sfx: loud thud sound) what a strange place. geico®. fifteen minutes could save you fifteen percent or more on car insurance.
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he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade.
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coming up on the three-minute mark right now as we finish out this historic day here at the new york stock exchange the dow is going to finish down about six points. we were all wondering what the tone of trading would be today, as mutual funds and other companies needed to square their books not only at the end of the month, the end of the fiscal year for a lot of mutual funds and it has been a pretty orderly day today. >> it was orderly, volume was light. today it was all about executing make sure that trade can get executed, get through the day, make sure business is back and can be on track going forward. >> joining success one of the heroes, jok mccain, executive vice president for u.s. markets here at the new york stock exchange and one of the guys that's been working around the clock to get things back on track again so we bow to your effort there. >> thank you. i've never been called a hero
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before. thank you. >> when do you exhale at the open after you get the trade off today or as you close -- >> a series of exhales certainly after the open was the big one, a lot of pressure as you highlighted around the close, making sure everything goes smoothly, a big index event today so i think everyone just wants to get through the close and get more comfort around it, everything's worked smoothly so far and we think it will continue through the bell so everyone's optimistic. >> what was your most difficult thing you had to face in terms of the decision-making over the last couple of days? >> the decision to close and i've joked that it was a little bit of herding cattle. clearly there were a lot of people involved in the decision, a lot of sros, a lot of industry firms were talking about it. i would say it was a great example of people really coming together and making a decision that was right for the industry and right for the people in the industry, and we should all be proud of it, clearly some of the logistical concerns that we've all dealt with, with cell phones and reception.
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>> right. >> added to it but overall it was a good process. >> you probably happy the market's closing down two points. it doesn't add to it. good to see you. see you at the top of the hour, 4:00, the ceo of allstate, closing bell moments away. >> thank you. what now? i mean you got one under your belt but are we getting back to some sort of normal kind of trading or are there hurdles you have to get through right now? >> from the trading side of things, we're anticipating just business as usual for the duration, but clearly in the context that as you've seen down here, there's a lot of disruption in the downtown new york area, a lot of the infrastructure is still impacted, so you know, i think everyone's proceeding cautiously making sure nothing unexpected comes up. [ applause ] >> joe, take a break, take a bow, did you a great job, you and your team, larry lebowitz, all of the behind the scenes guys as well getting the trading floor back in order again. good to see you. >> thank you. >> t

Closing Bell
CNBC October 31, 2012 3:00pm-4:00pm EDT

News/Business. Maria Bartiromo, Bill Griffeth. A guide through the most important hour of the Wall Street trading day. New. (CC) (Stereo)

TOPIC FREQUENCY Us 14, New York 12, Sandy 10, Manhattan 9, Allstate 7, Scott Cohn 4, Scott Bauer 3, Bill Rudin 3, Chicago 3, New York City 3, Washington 3, Brooklyn 3, Bob Greifeld 3, Brian Shactman 2, The City 2, Triboro 2, Bertha 2, Nyse 2, Steven Guilfoil 2, Schwab 2
Network CNBC
Duration 01:00:00
Scanned in San Francisco, CA, USA
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Tuner Virtual Ch. 58 (CNBC)
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Audio Cocec ac3
Pixel width 528
Pixel height 480
Sponsor Internet Archive
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on 10/31/2012